<SEC-DOCUMENT>0001104659-25-015373.txt : 20250220
<SEC-HEADER>0001104659-25-015373.hdr.sgml : 20250220
<ACCEPTANCE-DATETIME>20250220060512
ACCESSION NUMBER:		0001104659-25-015373
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20250220
FILED AS OF DATE:		20250220
DATE AS OF CHANGE:		20250220

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GERDAU S.A.
		CENTRAL INDEX KEY:			0001073404
		STANDARD INDUSTRIAL CLASSIFICATION:	STEEL WORKS, BLAST FURNACES & ROLLING & FINISHING MILLS [3310]
		ORGANIZATION NAME:           	04 Manufacturing
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			D5
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14878
		FILM NUMBER:		25643114

	BUSINESS ADDRESS:	
		STREET 1:		AV DOUTORA RUTH CARDOSO, 8,501
		STREET 2:		8TH FLOOR
		CITY:			SAO PAULO, SP
		STATE:			D5
		ZIP:			05425-070
		BUSINESS PHONE:		011-55-51-3323-2703

	MAIL ADDRESS:	
		STREET 1:		AV DOUTORA RUTH CARDOSO, 8,501
		STREET 2:		8TH FLOOR
		CITY:			SAO PAULO, SP
		STATE:			D5
		ZIP:			05425-070

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GERDAU SA
		DATE OF NAME CHANGE:	19981112
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>tm257156d1_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>U.S. SECURITIES
AND EXCHANGE COMMISSION</B></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>FORM 6-K</B></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>REPORT OF FOREIGN
PRIVATE ISSUER</B></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>PURSUANT TO RULE
13a-16 OR 15d-16 UNDER THE</B></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>SECURITIES
EXCHANGE ACT OF 1934&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Dated February 20, 2025&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Commission File Number 1-14878&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>GERDAU S.A.</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Translation of Registrant&#8217;s Name into English)&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Av. Dra. Ruth Cardoso,
8,501 &#8211; 8&deg; andar</FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">S&atilde;o Paulo,
S&atilde;o Paulo - Brazil CEP 05425-070&nbsp;</FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT>(Address
of principal executive offices)&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Indicate by check mark whether
the registrant files or will file annual reports under cover Form 20-F or Form 40-F.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
20-F </FONT><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#120;</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Form
40-F</FONT>&#8239;<FONT STYLE="font-family: Wingdings">&#168;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Exhibit Index</U></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><U>Exhibit</U></FONT></TD><TD STYLE="text-align: justify"><U>Description of Exhibit&nbsp;</U></TD></TR>
                                                                                                                                      <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                                                      <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10%; text-align: left"><A HREF="tm257156d1_ex99-1.htm" STYLE="-sec-extract: exhibit">99.1</A></TD><TD STYLE="text-align: justify"><A HREF="tm257156d1_ex99-1.htm" STYLE="-sec-extract: exhibit">Notice to the Market, February 19, 2025&#8212;Changes in reportable
segments starting from the 2025 fiscal year</A></TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left"><A HREF="tm257156d1_ex99-2.htm" STYLE="-sec-extract: exhibit">99.2</A></TD><TD STYLE="text-align: justify"><A HREF="tm257156d1_ex99-2.htm" STYLE="-sec-extract: exhibit">Notice to Shareholders, February 19, 2025&#8212;Payment of Dividends</A></TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left"><A HREF="tm257156d1_ex99-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">99.3</FONT></A></TD><TD STYLE="text-align: justify"><A HREF="tm257156d1_ex99-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Material Fact, February 19, 2025&#8212;Capex
Investment Plan</FONT></A></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIGNATURES&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto
duly authorized.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Date:&#8239;&#8239;February 20, 2025&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">GERDAU
    S.A.&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: White; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Rafael Dorneles Japur&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rafael Dorneles Japur&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive Vice President&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investor Relations Director&nbsp;</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>tm257156d1_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><B>Exhibit 99.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><IMG SRC="tm257156d1_ex99-1img001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 46%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>GERDAU S.A.</B></FONT></TD>
    <TD STYLE="width: 54%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>METAL&Uacute;RGICA
    GERDAU S.A.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Corporate Tax ID (CNPJ/MF):
    33.611.500/0001&#45;19</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Corporate Tax ID (CNPJ/MF):
    92.690.783/0001&#45;09</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company Registry (NIRE):
    35300520696</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company Registry (NIRE):
    35300520751</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>NOTICE TO THE MARKET</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Change in reportable segments
starting from the 2025 fiscal year</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3pt 0pt 0; text-align: justify"><B>Gerdau S.A. </B>(B3: GGBR / NYSE:
GGB) and <B>Metal&uacute;rgica Gerdau S.A. </B>(B3: GOAU) (together &quot;Companies&quot;) inform their shareholders and the market in
general that, from the results of the first quarter 2025, the Companies will disclose the information and results of their Segments as
follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;</TD><TD STYLE="text-align: justify"><B>Brazil
                                            Segment: </B>includes the operations of long, flat, special steels and the iron ore operation
                                            located in Brazil;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;</TD><TD STYLE="text-align: justify"><B>North
                                            America Segment: </B>includes the operations of long and special steels located in Canada,
                                            United States and the jointly controlled entity located in Mexico;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;</TD><TD STYLE="text-align: justify"><B>South
                                            America Segment: </B>includes operations in Argentina, Peru, and Uruguay.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3pt 0pt 0; text-align: justify">With these changes, the information and
results of the former Special Steels Segment, which included the special steels operations located in Brazil and the United States, will
be disclosed together with the other operations, according to their geographical location, as Brazil Segment and North America Segment,
respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3pt 0pt 0; text-align: justify">This new format for disclosing information
and results is aligned with recent changes in the global steel industry scenario, which have led to an increasing regionalization of
markets, business dynamics, and local currencies of these operations, enhancing the presentation of Gerdau&#8217;s results in Brazil
and North America, the main regions of its operations. More information, including proforma results in this new format, can be accessed
through the Companies&#8217; IR website: <U>https://ri.gerdau.com/</U>, under the &#8220;Modeling Guide&#8221; tabs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">S&atilde;o Paulo, February
19, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Rafael Dorneles Japur</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Vice&#45;President and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Investor Relations Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>tm257156d1_ex99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt 0"><B>Exhibit 99.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm257156d1_ex99-2img001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 51%; padding-right: 19pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>GERDAU S.A.</B></FONT></TD>
    <TD STYLE="width: 49%; padding-left: 19pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>METAL&Uacute;RGICA GERDAU S.A.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 19pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax ID (CNPJ/ME) 33.611.500/0001-19</FONT></TD>
    <TD STYLE="padding-left: 0.25in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax ID (CNPJ/ME) 92.690.783/0001-09</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 19pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registry (NIRE): 35300520696</FONT></TD>
    <TD STYLE="padding-left: 0.25in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registry (NIRE): 35300520751</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>NOTICE TO SHAREHOLDERS</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>PAYMENT OF DIVIDENDS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt; text-align: justify">We would like to inform our Shareholders
that Gerdau S.A. (B3: GGBR / NYSE: GGB) and Metal&uacute;rgica Gerdau S.A. (B3: GOAU) (collectively, the &#8220;Companies&#8221;) Boards
of Directors approved, on this date, the payment of Dividends as an anticipation of the minimum payment for the current fiscal year of
2024. The amount will be paid according to the dates listed bellow:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Company</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 19%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Record
Date</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 19%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ex-Dividend
<BR>
Date</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center; width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 19%; text-align: center">Payment <BR>
Date</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center; width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 1%; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 17%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Value per Share<BR>
 Common and Preferred<BR>
 Dividends</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 3pt"><P STYLE="margin-top: 0; margin-bottom: 0">METAL&Uacute;RGICA</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">GERDAU S.A.</P></TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding-top: 3pt; vertical-align: bottom; text-align: center; padding-bottom: 3pt">03/05/2025 </TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 3pt">03/06/2025 </TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 3pt">03/17/2025 </TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 3pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>R$
0.05</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 3pt">GERDAU S.A.</TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; vertical-align: middle; font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 3pt">03/05/2025</TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 3pt">03/06/2025</TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 3pt">03/14/2025</TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 3pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>R$ 0.10</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 3pt">GERDAU S.A. (ADR)</TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 3pt">03/07/2025</TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 3pt">03/07/2025</TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 3pt">03/21/2025</TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 3pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>R$ 0.10</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 3pt">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt; text-align: justify">The payments will be made by the share
depository institution, Ita&uacute; Corretora de Valores S.A., through automatic credit for those shareholders who have provided their
CPF/CNPJ registration number (Tax ID) and respective bank account. Such information must be provided through Investfone &#8211; Shareholder
Service Center. The processing of the respective credit will occur from the 3rd business day after the update of the registration data.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt; text-align: justify">The dividends not claimed within a period
of 3 (three) years, counting from the date they were made available to the shareholders, will prescribe and revert in favor of the Companies
(Brazilian law 6.404/76, article 287, section II, item a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt; text-align: justify">Additional information can be obtained
at Investfone &#8211; Shareholder Service Center through the following phone numbers: Capital and metropolitan regions: 3003-9285 | Other
regions: 0800-720-9285 &#8211; on business days, from 09:00 am to 06:00 pm.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">S&atilde;o Paulo, February 19, 2025.</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Rafael Dorneles Japur</B>&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Vice President and</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Investor Relations Officer</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>tm257156d1_ex99-3.htm
<DESCRIPTION>EXHIBIT 99.3
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm257156d1_ex99-3img001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 49%; padding-right: 16pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>GERDAU S.A.</B></FONT></TD>
    <TD STYLE="width: 51%; padding-left: 17pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>METAL&Uacute;RGICA GERDAU S.A.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 16pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Corporate Tax ID (CNPJ/MF): 33.611.500/0001-19</FONT></TD>
    <TD STYLE="padding-left: 17pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Corporate Tax ID (CNPJ/MF): 92.690.783/0001-09</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 16pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company Registry (NIRE): 35300520696</FONT></TD>
    <TD STYLE="padding-left: 17pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company Registry (NIRE): 35300520751</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>MATERIAL FACT</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">CAPEX Investment Plan</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 2pt; text-align: justify"><B>Gerdau S.A. </B>(B3: GGBR / NYSE:
GGB) and <B>Metal&uacute;rgica Gerdau S.A. </B>(B3: GOAU) (together &quot;Companies&quot;) inform their shareholders and the market in
general about management's prospects for their CAPEX investment plan for the year 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 2pt; text-align: justify"><FONT STYLE="font-size: 10pt">On February
19, 2025, the Board of Directors of Gerdau S.A. approved its CAPEX</FONT> <SUP>1</SUP> <FONT STYLE="font-size: 10pt">investment plan for
the current year, amounting to R$6.0 billion. This amount refers to Maintenance and Competitiveness CAPEX projects.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.2in">i.</TD><TD STYLE="text-align: justify">Maintenance projects are associated with extending the useful life and operational improvements of equipment
to ensure optimal industrial units&#8217; performance.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.2in">ii.</TD><TD STYLE="text-align: justify; padding-right: 1pt">Competitiveness projects <SUP>2</SUP> are related to production growth, increase profitability
and industrial units&#8217; modernization, based on bolstering sustainability practices, as well as the sustainable and economic development
of the business.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 2pt; text-align: justify">Out of total estimate for 2025, approximately
R$1.6 billion are investments with environmental returns (expansion of forest assets, upgrading and enhancing environmental controls,
reducing greenhouse gas emissions, and technological improvements) and projects aiming our employees&#8217; safety.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 2pt; text-align: justify">The Companies reiterate that the execution
of the CAPEX investment plan mentioned above will be contingent upon prevailing market conditions and the economic scenario of the countries
in which they operate, as well as the sectors in which they are engaged. Any change in perception or in the factors described above may
cause the actual results to differ from the projections presented here. The information disclosed in this document represents mere estimates
and hypothetical data that in no way constitute a promise of performance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">S&atilde;o Paulo, February 19, 2025.</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Rafael Dorneles Japur</B>&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Vice-President and&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Investor Relations Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 13pt 0pt 2pt; text-align: justify; text-indent: 0in"><SUP>1</SUP> The
CAPEX plan does not include contributions made by Gerdau Next to other companies since, in accordance with international accounting standards
(IFRS), only subsidiaries are consolidated in the Company's financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>&nbsp;</SUP></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <SUP>2</SUP> Competitiveness investments include Strategic CAPEX, as well as other investments for Gerdau's business divisions.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<SEQUENCE>5
<FILENAME>tm257156d1_ex99-1img001.jpg
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